Ethereum price is vulnerable to further losses if it dips below $1,920

Ethereum price extended its decline below $1,920 against the US Dollar. ETH may continue to fall if it breaks the $1,820 support zone.

   Ethereum traded further below the $1,920 support.

   The price is trading below the $1,920 level and the 100 hourly simple moving average.

   There was a break above a major downtrend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).

   The pair can start a decent rally if it breaks out of the $1920 and $1975 levels.

Ethereum price turns red

Ethereum price gained bearish momentum after breaking below the $2,000 support. ETH extended its decline below the $1,950 and $1,920 support levels, similar to Bitcoin.

The bears even pushed the price below the $1,880 support. A low is formed near the $1,827 level and the price is now consolidating losses. Ether is now trading below the $1,920 level and the 100 hourly simple moving average. Recently, there was a bit of a rise above $1,850. There was a break above a major downtrend line with resistance near $1,860 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,900 area. It is close to the 23.6% Fibonacci retracement level of the main decline from the $2125 high to $1827 low. The next major resistance is near the $1,920 level.

A bullish break above $1,920 can send Ethereum to $1,975 or the 50% Fibonacci retracement level of the main dip from the $2,125 high to $1,827 low. The next big resistance is near the $2,000 zone, above which the price can start to rally decently.

In the indicated case, the price could rally towards the $2,080 resistance. Any further gains could send Ether towards the $2,125 resistance any time soon.

More ETH losses?

If Ethereum fails to clear the resistance at $1920, it could continue to fall. Initial support on the downside is near the $1,840 level.

The next major support is near the $1820 zone or recent low, below which the ether price could take a bearish momentum. In the stated case, the price may drop to $1,765. Any further losses could push the price towards $1,700.

technical indicators

Hourly MACD – The MACD for ETH/USD is now losing steam in the bearish zone.

Hourly RSI – The RSI for ETH/USD is below the 50 level.

Higher support level – $1,820

Highest Resistance Level – $1,920